Northern America: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Northern America

The North American natural bitumen and asphalt market soared to $X in 2021, increasing by 34% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in Northern America

In value terms, natural bitumen and asphalt production soared to $X in 2021 estimated in export price. The total production indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports in Northern America

In 2021, exports of natural bitumen and asphalt in Northern America surged to X tons, increasing by 67% compared with 2020 figures. Over the period under review, exports posted a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, natural bitumen and asphalt exports skyrocketed to $X in 2021. In general, exports continue to indicate a remarkable increase. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the two major exporters of natural bitumen and asphalt, namely Canada and the United States, represented more than two-thirds of total export.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Canada (with a CAGR of +23.2%).

In value terms, the largest natural bitumen and asphalt supplying countries in Northern America were Canada ($X) and the United States ($X).

Canada, with a CAGR of +19.2%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, increasing by 23% against the previous year. Over the period under review, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2014 an increase of 23%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (-3.2%).

Imports of Natural Bitumen and Asphalt

Imports in Northern America

In 2021, natural bitumen and asphalt imports in Northern America rose remarkably to X tons, increasing by 6% compared with 2020 figures. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 47%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 104%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) was the key importer of natural bitumen and asphalt, creating 74% of total imports. It was distantly followed by Canada (X tons), achieving a 26% share of total imports.

The United States was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of +16.2% from 2012 to 2021. Canada experienced a relatively flat trend pattern. While the share of the United States (+32 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Canada (-32.6 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported natural bitumen and asphalt in Northern America, comprising 71% of total imports. The second position in the ranking was taken by Canada ($X), with a 28% share of total imports.

In the United States, natural bitumen and asphalt imports expanded at an average annual rate of +3.5% over the period from 2012-2021.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, jumping by 20% against the previous year. In general, the import price, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 an increase of 40% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (-4.1%).

Source: IndexBox Platform

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